Foot Locker to buy German shoe store chain
Foot Locker buying German shoe store chain Runners Point for $94 million
NEW YORK (AP) -- Athletic shoe and clothing chain Foot Locker Inc. said Wednesday that it will buy privately held German athletic store chain Runners Point Warenhandelsges for 72 million euros ($94 million) as it expands in Europe.
Foot Locker currently operates 3,335 stores in 23 countries in North America, Europe, Australia and New Zealand. The move will expand Foot Locker's presence in Germany, said CEO Ken Hicks. Runners Point operates more than 200 stores in the country and online unit Tredex.
Foot Locker reported net income rose 43 percent in its most recent fiscal year ended Feb. 2 while revenue rose 10 percent to $6.18 billion. It has benefited from a surge in popularity in basketball and running shoes in the past two years.
Runners Point CEO Otto Hurler, CFO Harald Wittig and other senior management will remain with the company.
The deal is being reviewed by German authorities.
Foot Locker shares fell 11 cents to $35.58 in midday trading.
